“South Korea’s LG Electronics Inc said on Wednesday it will launch a new mobile payments service in its home country in June,” Se Young Lee reports for Reuters.

“LG said it would start offering its payments service, to be called LG Pay, through its G6 smartphones that went on sale in South Korea on March 10,” Lee reports. “Users would be able to make payments through existing credit card readers via a magnetic signal from the phone, similar to how Samsung’s payments system – launched in August 2015 – works.”

Lee reports, “LG did not elaborate on details including whether its payments service would expand to other markets, whether it would be supported on other devices or if it would generate revenue.”

MacDailyNews Take: People would have to actually use it for it to generate revenue, so, no, it won’t be generating any revenue. It’s just another “Hey, we have the same thing* as Apple, so buy our stuff instead, dummy” bullet point to put on the list.